As a retired tech I have seen a lot of different types of cables and have replaced a lot of welding cable. I have seen welding cable where the insulation was completely chafed through, many times in out of the way places you can't easily see. I am not an expert on welding cable types but I do know some of it has better insulation. IMHO that is a critical factor.
The only good thing about welding cable is the price (sometimes) and the flexibility. It is a bad idea to use it on a boat, especially salt water boats. The fine threads will corrode in a heartbeat if the crimp and heatshrink are not perfectly sealed.
If you have cables made, especially short ones, make sure you get the orientation of the crimps right so they will fit on the termination without having to force them. I used to mark the ends of the old ones on the insulation to show right side up and when I made new ones I would do the same at the place where I would take the insulation off so it would show after stripping the insulation. Not fun to throw away an expensive piece of cable with crimps and heatshrink. Been there done that. This is especially important if you have cables made.
Having said all this my current boat has some welding cable on it that I have not replaced because of the difficulty of doing that. I replaced most all other cables, including 2/0 - with marine rated 105 degree rated tinned cable, especially in the engine room.
I don't want to hijack the thread about this since there are hundreds of posts about it, and, the people who like soldering don't like to hear it, but soldering is not a good practice, especially big cables. If you do, make sure you securely attach the cable as close as possible to each termination so it absolutely cannot (not probably not) vibrate and break. This is a major safety issue as a big cable and a lot of current can start a fire when the connection can no longer take all the current with a crack in the wire. But to each his own.